#income protection insurance

[topinsurancebrokerage]

CAN LIFE INSURANCE COVER MORTGAGE REPAYMENTS

Imagine you've put in endless efforts to acquire your dream home. But what if an unexpected injury or illness prevents you from working? Would you be able to meet your mortgage payments?

According to a government report from the Australian Institute of Health and Welfare, accidents rank among the leading causes of death for individuals aged 1-44, while cancer remains a significant cause of death for those aged 45-74. Whether it's an accident or a battle with cancer, your focus should be on recovering your health, not worrying about finances or mortgage obligations. The report also highlights that over a third (35%) of Australian households have a mortgage, underscoring the importance of having a safety net in place to protect against unforeseen circumstances.

Further research reveals that each year, 30-37% of Australians aged 18-69 have taken out life insurance products like Income Protection to alleviate the stress of mortgage repayments.

HOW YOU CAN COVER YOUR MORTGAGE WITH INCOME PROTECTION

Income Protection insurance can serve as an alternative income source if you find yourself temporarily unable to work due to an illness or injury that has resulted in Total or Partial Disability. This could happen if, for example, you injure your back while doing household chores, experience a heart attack, or suffer a broken leg in an accident.

By receiving monthly payments, up to 70% of your income, for a specified period, you can maintain your household's financial stability and provide for your loved ones while you recover. The insurance provides monthly instalments that can help cover your mortgage, allowing you to concentrate on your recovery without the added stress of financial obligations.

HOW YOU CAN COVER YOUR MORTGAGE WITH TRAUMA (CRITICAL ILLNESS)

Trauma Insurance provides coverage in case you experience a severe illness or injury that requires extensive medical treatment to recover.

Similar to TPD, this type of insurance may provide you with a lump sum payment, which can be incredibly helpful during challenging times, where you can use the payout to cover your medical expenses or rehabilitation needs.

When you need time off work to focus on your recovery, it's crucial to prioritise getting back on your feet. This might involve reducing your work hours or taking an extended leave. With Trauma Insurance, you can have peace of mind knowing that you'll receive a lump sum payment that can be used for your mortgage repayments while you concentrate on your recovery.

HOW YOU CAN COVER YOUR MORTGAGE WITH TOTAL AND PERMANENT DISABILITY (TPD)

If you become permanently disabled due to an accident or illness and are unable to work, TPD insurance offers a lump sum payment to support you.

This payment can be used for medical treatments, rehabilitation, and even to pay off your mortgage. By receiving this lump sum, you can ease the financial burden that comes with losing your regular income and focus on prioritising your health.

Unexpected illnesses or injuries often result in time off work, and if this extends beyond sick leave, it can leave you and your family financially strained. Having the right financial support ensures you can focus on recovery and provide peace of mind for your family's future.

[mortgageline]

Income Protection Insurance: Safeguard Your Finances

Income Protection Insurance is a crucial financial safeguard designed to protect your income in case of unexpected events such as illness, injury, or disability. It provides you with a regular income replacement, ensuring that you can meet your financial obligations even if you are unable to work due to health reasons.

At MortgageLine, we understand the importance of securing your financial stability, especially during challenging times. Our Income Protection Insurance plans offer comprehensive coverage tailored to your specific needs and circumstances. Whether you are a homeowner, a first time buyer, or a seasoned investor, having the right insurance coverage can provide you with financial security.

Our team of experienced professionals will assess your individual requirements and help you choose the most suitable income protection plan that aligns with your financial goals and budget.

Contact us today to learn more about our insurance options and take the first step towards a more secure financial future.

[lizseyi]

How Could Existing Health Issues Come Into Play If You Are Interested In Buying Income Protection Insurance?

The whole point of taking out anincome protection insurance policy is to give yourself greater financial protection - in the form of monthly tax-free payments - in the event that you are rendered unable to work due to long-term illness or disability. For that reason, you can probably imagine that any prospective insurer will take a lot of interest in your existing health.

While a pre-existing health condition will be far from the only factor potentially affecting how much you pay for income protection cover - or your chances of being approved for such insurance at all - it could certainly be a very important one.

So, what are some of the most crucial things to know if you already have a health issue and you would like to purchase income protection insurance?

Will the insurance policy that you buy give you adequate protection?

We say this constantly here on the QuoteLifeCover blog, but it really is the kind of thing we feel the need to repeatedly underline: you need to check, double check, and triple check what exact protection a given policy will give you, before you commit to it.

In the case of income protection insurance, for instance, some policies will only pay out if your sickness causes you to be unable to undertake any form of work. This means that if your job is a highly physical one, your policy might not pay out if you could theoretically switch to a desk-based role, even if you can‘t actually get such a job.

That‘s why you might make a point of purchasing “own-occupation” cover, which would insure you against an illness or injury that prevents you from working in your usual occupation - not just any occupation.

Could a pre-existing condition prevent me from getting insured at all?

This is made a more complicated question by the fact that the exact situation will differ from one lender to the next. So, here‘s a broad-brush summary: yes, it is absolutely possible that your application for income protection insurance could be rejected on the basis of you having a pre-existing condition.

However, it might instead be the case that you can get approved for an income protection insurance policy, but a clause - or several clauses - is included in that policy to prevent you from making a claim for a pre-existing condition, even if you didn‘t say anything about it in your application.

When you apply for income protection cover, you can expect to be asked various specific medical questions - and if you fail to tell the would-be insurer about a specific condition you have when you are asked for this information, you may find that a later claim you make is rejected. Insurers and plans differ in terms of the exact exclusions they may impose.

If your policy does come with such an exclusion - for example, in relation to conditions that are directly or indirectly attributable to your pre-existing condition - it may be possible to have the exclusion reviewed after a certain period of time passes since your last symptoms or treatment.

In the latter situation, you might be able to have the exclusion removed, so that if you then later make a claim for that condition, the insurer won‘t treat it as a pre-existing condition.

Trust our UK advisers to help guide you to the right solution

The above does not cover everything that you may need to think about, when you are assessing how your current state of health might impact on your income protection insurance application.

This is why we would always advise you to speak to professionals for a more in-depth discussion of your particular situation. And you can do exactly that, by calling our free no-obligation advice and quotation service today on 0800 316 6917.

[zivillo]

Zivillo makes it easy to find affordable income protection insurance. We’ll assist you evaluate policies and discover the high-quality one in your wishes and budget. When you purchase profits safety coverage via Zivillo, you could relaxation confident that you’re getting the high-quality deal available. We’ll ensure you get the insurance you want at a charge you could afford. It covers you if you’re not able to paintings due to an accident, infection or involuntary unemployment. You obtain a normal tax-free profits, commonly as much as 50% of your preceding earnings, till you’re properly sufficient to go back to paintings or discover new employment.

[thequeensbastardenglish]

ahahaha just found out that now I have an official adhd diagnosis I am no longer eligible for income protection. what a crock of shit.

[ikea-doona]

drives me crazy when casual employers act like they’re beholden to treat their employees badly even when they ✨don’t want to✨ esp when it’s an under-the-table type situation

like “ooh i can’t deny them work even though i’m the one cancelling on them, so i’ll bend over backwards to make sure they still do the same number of hours” …..or you could. idk. pay them their promised hours and give them the day off anyway on public holidays or if you cancel last-minute

[simrancontractoruk]

Income Protection Insurance for Contractors | Contractor Advice UK

Explore the comprehensive guide on income protection insurance tailored specifically for contractors at Contractor Advice UK. Discover how to safeguard your income against unexpected events and secure financial stability while working independently. Learn about the benefits, coverage options, and essential considerations when choosing income protection insurance for contractors. Our expert advice aims to empower contractors with the knowledge to make informed decisions and protect their livelihood effectively.

[term-insurance]

Secure Your Family's Financial Future with Term Insurance | Choose Monthly Payouts

Don't do this to your family. Most people make this mistake while buying term insurance. They only think about getting a lump sum payment for their family in case of unexpected death. But what if your family needs a monthly income to support itself?

A term insurance plan can provide your family with a monthly income instead of a lump sum payment, in your absence. This can be a great way to ensure that your family is financially secure, even if they're not used to managing a large amount of money.

Here are some of the benefits of choosing a term insurance plan with a monthly income option:

a) Your family will have a steady stream of income to support themselves. b) You can choose the amount of income that your family needs. c) You can choose the length of time that the income will be paid. d) The monthly income is tax-free.

If you're looking for a way to secure your family's financial future, then a term insurance plan with a monthly income option is a great option to consider.

[contractoradvice]

Guarding Your Gains: The Art of Contractor Income Protection

Navigate the uncertainties of freelance life with confidence. Explore the world of Contractor Income Protection – a tailored shield against income disruptions. Secure your financial fortress and empower your contracting journey.

[personal-injury-compensation-law]

Income protection lawyers play a pivotal role in helping individuals navigate the complex terrain of insurance claims. In this article, we’ll delve into the significance of these legal experts and how they can protect your financial well-being.

[topinsurancebrokerage]

THE EFFECT OF FINANCIAL WELLBEING ON YOUR HEALTH

Our financial health is a crucial part of our overall well-being, whether we realise it or not. Several studies have shown a clear connection between our welfare and our financial well-being.

For example, a study conducted in Australia in 2015 found that experiencing financial difficulties increases the risk of developing mental health issues over time. Similarly, a study from 2017 discovered that being unable to pay for housing expenses, like rent or mortgage, was a significant cause of psychological distress.

Despite understanding this relationship, discussing financial well-being can be complicated and difficult to understand fully.

FINANCIAL WELLBEING

Experts generally agree that financial well-being or satisfaction encompasses both objective and subjective financial factors. For example, having enough money to comfortably pay off your mortgage or loan is an objective factor, while having enough financial resources to live the lifestyle you enjoy is a subjective factor.

Financial well-being is influenced by both your current financial experiences, like your current situation, as well as your hopes and expectations for the future.

IMPACT ON PHYSICAL HEALTH

Our financial well-being is closely connected to our physical health. According to a global study conducted in 2020, more than 80 percent of participants stated that when their finances were in order, other aspects of their lives became much more manageable⁵. In the same study, 70 percent of respondents also recognized that having positive financial well-being, including practising good financial habits, had a positive impact on their overall physical health.

Considering this, it would be fair to consider our financial well-being as a foundation in our lives. If our financial situation starts to decline, it can affect other areas of our lives. Therefore, it is in our best interest to establish healthy financial habits to benefit our overall well-being.

THE INFLUENCE OF SPENDING HABITS ON FINANCIAL SATISFACTION

The way we use our money has a big impact on how we feel about our financial situation and how satisfied we are with it. It's not just about how we spend our money, but also about the debts we have and the amount of wealth we accumulate.

By improving our spending habits, we can reduce stress and anxiety while enhancing our overall financial well-being. One effective way to achieve financial security and improve well-being is by having a good savings plan. Research has shown that this to be true for people at all income levels.

5 TIPS TO ENHANCE YOUR FINANCIAL WELLBEING

Set a personal goal: Identify something you've wanted to do but couldn't due to financial constraints, such as joining a gym, taking an art class, or going on a holiday. Research the cost and treat it as a savings goal.

Review your budget: Take an hour to examine your spending over the past month. Assess your income and categorise your expenses, such as energy bills, insurance premiums, entertainment, groceries, and remaining funds.

Prioritise high-interest debt: Focus on reducing debts with the highest interest rates, such as personal loans, credit cards, and investment loans. Find ways to minimise these debts and save on interest.

Cut back on non-essential spending: Look for areas where you can trim discretionary expenses. Consider cancelling subscriptions, preparing lunch or coffee at home, or avoiding impulsive online shopping.

Save regularly towards your goal:Set aside small weekly amounts specifically dedicated to your personal financial goal. This consistent saving will help you make progress over time.

[amanda-financial]

SECURING YOUR FAMILY'S FUTURE: THE IMPORTANCE OF LIFE INSURANCE

Life is full of uncertainties, and it's our responsibility to ensure that our loved ones are protected, even when we're no longer around.

This is where life insurance plays a crucial role.

As a financial advisor and insurance professional, I've witnessed the peace of mind it brings to families. In this post, we'll explore the significance of life insurance and why it should be a cornerstone of your financial plan.

Protecting Your Loved Ones: Life insurance is more than just a policy; it's a promise to safeguard your family's future. In the event of your passing, a life insurance payout provides financial security, ensuring your loved ones can maintain their quality of life, pay bills, and pursue their dreams.

Debt and Financial Obligations: Life insurance helps cover outstanding debts, such as mortgages, loans, or credit card balances. This prevents your family from shouldering the financial burden during an already challenging time.

Education and Future Planning: If you have children, life insurance can fund their education and future plans. It ensures they have the resources they need to achieve their dreams, whether that's attending college or starting a business.

Estate Planning: Life insurance can be a valuable tool for estate planning. It allows for a tax-efficient transfer of wealth to your heirs and can help cover estate taxes, ensuring your assets remain intact.

Peace of Mind: Knowing that you have a life insurance policy in place offers peace of mind. It's the knowledge that, in your absence, your family won't have to worry about financial stability.

Affordability and Flexibility: Life insurance comes in various forms, including term life and whole life insurance. Your financial advisor can help you choose the right type and coverage amount that suits your budget and long-term financial goals.

Building Cash Value: Whole life insurance policies often accumulate cash value over time. This cash value can be borrowed against or used for various financial needs, providing a financial safety net during your lifetime.

Life insurance is a critical component of your financial portfolio. It's a way to secure your family's future, protect against unforeseen circumstances, and provide peace of mind.

As a financial advisor and insurance professional, I strongly recommend considering life insurance as part of your comprehensive financial plan. It's an investment in your family's well-being and a legacy that will endure long after you're gone.

If you have questions or need guidance on choosing the right life insurance policy, don't hesitate to reach out. Your family's financial security is worth the effort.

You can reach out to me through my Digital Business Card here.

[kdcreation]

Income protection provides a crucial safety net that ensures financial stability during challenging times when your ability to earn an income is compromised. It offers peace of mind, protects your financial well-being, and allows you to focus on recovery and rehabilitation. 📞 8013395610 🌍 https://kdcreation.co.in/

[aegisdisabilitygroup]

Get the financial protection you need with Income Protection Insurance available for the Self-Employed at Aegis Disability Group. As a self-employed individual in the medical field, you're responsible for your income and financial security. Don't worry, this insurance company got you covered during the disability period of the long term as well as the short term. All the physicians can find more information related to this beneficial policy after visiting the website!

[pippin-pippout]

For those following the SAG and WGA strikes there’s new shit a-brewing, this time targeting background actors (aka extras).

Some may know that one of the issues SAG is fighting is that studios want to take virtual scans of background actors and use them in perpetuity (meaning forever) without any additional compensation to those background actors. So you would just see a bunch of AI generated humans in future movies based off of a background actor that worked one day.

This is already shitty because working as an extra for 3 days on a union set (if you receive a union voucher each day) is one of the main ways to qualify for SAG eligibility. This means that a lot of actors working background do not yet have union protection and likely do not have an agent or manager to protect them. Disney has already allegedly told background actors to do this on the set of Wanda Vision: https://www.avclub.com/wandavision-background-actors-say-disney-scanned-them-1850709900

Here’s where it's worse.

There is one main company that supplies background actors for major union and non union productions. Central Casting. They love to brag about their very long influence in the industry - in old movies dating back to the 40s you can hear jokes about hiring extras from Central Casting.

Central Casting has been including an electronic document for all actors in their database to sign as part of onboarding. Signing it gives Central Casting the right to use your images, your videos, and YOUR LIKENESS in perpetuity, forever. They would OWN your likeness. Instead of it being a studio supplying the AI background actors, it would be Central Casting instead.

Receiving any work from Central Casting in the future is conditional upon signing it. No signature = no extra work = no extra income for union actors trying to make health insurance minimums, no union extra work for pre-SAG members.

SAG already reached out to Central Casting to tell them to stop. Central Casting refused.

Edit to say: this is not new. It’s part of actors onboarding and is called the Photo, Image, and Video Release. It’s phrased to sound like you are just giving them permission to use your image and video for CC’s website and promotional purposes. But the actual language is much broader. It's only recently being brought up as a point for discussion because some casting directors (who are generally supportive of the strike) started pointing it out.

Central Casting is owned by Entertainment Partners which is also a giant software conglomerate and owns a lot of the software used to organize background casting and pay actors. https://www.ep.com/company/about-us/

[roosterfinancial]

Preparing for Financial Emergencies: A Checklist for Unforeseen Rainy Days

How prepared are you for a financial storm? It’s not the most exciting question, but undoubtedly a crucial one. Life is unpredictable, and financial emergencies can strike at any moment. Job loss, medical emergencies, or unforeseen major expenses can rock your financial boat. But don’t fret! In this article, we provide a checklist to guide you in creating a solid financial buffer for such…